CARD vs. DFAC
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and DFAC (Dimensional U.S. Core Equity 2 ETF) are both exchange-traded funds - CARD is a Inverse Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while DFAC is a Large Cap Blend Equities fund actively managed by Dimensional. CARD is passively managed, while DFAC is actively managed. Over the past 3 years, CARD returned -48.65%/yr vs 18.55%/yr for DFAC. At a correlation of -0.74, they often move in opposite directions. CARD charges 0.95%/yr vs 0.17%/yr for DFAC.
Performance
CARD vs. DFAC - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a -13.01% return, which is significantly lower than DFAC's 13.14% return.
CARD
- 1D
- -3.90%
- 1M
- -7.95%
- 6M
- -5.26%
- YTD
- -13.01%
- 1Y
- -39.30%
- 3Y*
- -48.65%
- 5Y*
- —
- 10Y*
- —
DFAC
- 1D
- -0.07%
- 1M
- 0.76%
- 6M
- 9.84%
- YTD
- 13.14%
- 1Y
- 24.19%
- 3Y*
- 18.55%
- 5Y*
- 12.32%
- 10Y*
- —
CARD vs. DFAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -13.01% | -60.21% | -58.19% | -32.77% |
DFAC Dimensional U.S. Core Equity 2 ETF | 13.14% | 15.66% | 19.61% | 10.26% |
Correlation
The correlation between CARD and DFAC is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.74 |
The correlation between CARD and DFAC has been stable across timeframes, ranging from -0.75 to -0.74 - a consistent structural relationship.
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Return for Risk
CARD vs. DFAC — Risk / Return Rank
CARD
DFAC
CARD vs. DFAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Dimensional U.S. Core Equity 2 ETF (DFAC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CARD | DFAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.35 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.86 | -3.80 |
| Martin ratioReturn relative to average drawdown | -1.40 | 12.46 | -13.87 |
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Drawdowns
CARD vs. DFAC - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, which is greater than DFAC's maximum drawdown of -23.12%. Use the drawdown chart below to compare losses from any high point for CARD and DFAC.
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Drawdown Indicators
| CARD | DFAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -23.12% | -70.39% |
Max Drawdown (1Y)Largest decline over 1 year | -42.02% | -8.49% | -33.53% |
Max Drawdown (3Y)Largest decline over 3 years | -93.51% | -20.02% | -73.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.12% | — |
Current DrawdownCurrent decline from peak | -93.46% | -0.09% | -93.37% |
Average DrawdownAverage peak-to-trough decline | -69.22% | -5.34% | -63.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.05% | 1.95% | +26.10% |
Volatility
CARD vs. DFAC - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 21.51% compared to Dimensional U.S. Core Equity 2 ETF (DFAC) at 2.78%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than DFAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | DFAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.51% | 2.78% | +18.73% |
Volatility (6M)Calculated over the trailing 6-month period | 53.52% | 9.65% | +43.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.63% | 12.49% | +58.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.32% | 17.11% | +63.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.32% | 17.05% | +63.27% |
CARD vs. DFAC - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is higher than DFAC's 0.17% expense ratio.
Dividends
CARD vs. DFAC - Dividend Comparison
CARD has not paid dividends to shareholders, while DFAC's dividend yield for the trailing twelve months is around 0.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DFAC Dimensional U.S. Core Equity 2 ETF | 0.90% | 0.97% | 1.03% | 1.20% | 1.50% | 0.88% |
Frequently Asked Questions
CARD and DFAC have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (21.51%) compared to DFAC (2.78%). In terms of maximum drawdown, CARD dropped -93.51% vs DFAC's -23.12%.
On 3-year performance, DFAC leads with 18.55% vs -48.65% for CARD. On fees, DFAC is cheaper at 0.17% per year. On volatility, DFAC has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFAC has performed better with a 18.55% return vs -48.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFAC is cheaper with a 0.17% expense ratio, compared with 0.95% for CARD.
DFAC has the higher dividend yield at 0.90%, compared with 0.00% for CARD.
CARD is categorized as Inverse Equities, while DFAC is Large Cap Blend Equities. They also come from different issuers: Max and Dimensional. Their fees differ too: 0.95% for CARD and 0.17% for DFAC.
DFAC currently has the higher Sharpe Ratio (1.95 vs -0.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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